You need umbrella liability insurance and you need it now. No kidding. If you are not properly insured, all of your estate planningand hard work is for nothing because your assets can be taken in a lawsuit. Think you wont get sued? Some attorneys observe that if you havent been sued yet, you havent lived long enough.

What is Umbrella Liability Insurance?

Umbrella liability insurance (aka personal catastrophic insurance) raises the coverage of your car and homeowners/renters insurances.

Like an umbrella, the insurance sits on top of your other policies, drastically raising the coverage. If you buy a $1 million of coverage, your underlying policies are both raised to $1 million. If you buy $5 million of coverage, your policies are raised to $5 million.

Does Umbrella Liability Insurance Cost A Lot Of Money?

Surprisingly, this insurance coverage is inexpensive. While you have to purchase a certain level of underlying insurance, the umbrella liability insurance is inexpensive. For example, $1 million of coverage costs under $200 per year. Its a lot of bang for your buck.

How Do I Get Umbrella Liability Insurance?

Call your property and casualty (homeowners/renters/auto) agent. All you have to do is sign the applicable form and youre covered. (You need separate coverage for your business.)

Umbrella liability insurance is part of any comprehensive estate plan. If you have questions about protecting your assets and this insurance, consult with a qualified estate planning attorney.